Marcus & Millichap recently closed the sale of 312 Hemlock Ave., a four-unit apartment property located in Carlsbad, for $8,500,000. This transaction is indicative of market resilience despite debt obstacles as cap rates have not moved 1:1 with interest rates and buyers seeking premium real estate can still expect compressed cap rates.
The buyer was procured by Conor Brennan, Senior Vice President in Marcus & Millichap’s San Diego Downtown office and Adrian Grobelny, Associate in the firm’s San Diego Downtown office. Built in 2023 this three-bed townhome community is only one block from the beach and minutes from Carlsbad Village; it was secured off-market while still under construction. The sale price equates to $2.1M per unit which further demonstrates that high quality multifamily properties remain attractive investments even during challenging times for debt markets
